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Connor Clark & Lunn Investment Management Ltd. Boosts Position in Superior Energy Services, Inc. (NYSE:SPN)

By September 1, 2019 No Comments

Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Superior Energy Services, Inc. (NYSE:SPN) by 78.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,904,401 shares of the oil and gas company’s stock after purchasing an additional 835,815 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 1.22% of Superior Energy Services worth $2,476,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of SPN. Norges Bank purchased a new stake in Superior Energy Services during the fourth quarter worth approximately $4,970,000. Van ECK Associates Corp lifted its stake in Superior Energy Services by 44.6% during the second quarter. Van ECK Associates Corp now owns 3,175,228 shares of the oil and gas company’s stock worth $4,128,000 after purchasing an additional 979,416 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in Superior Energy Services during the first quarter worth approximately $2,854,000. Lombard Odier Asset Management USA Corp purchased a new stake in Superior Energy Services during the first quarter worth approximately $2,100,000. Finally, First Trust Advisors LP lifted its stake in Superior Energy Services by 208.3% during the first quarter. First Trust Advisors LP now owns 507,981 shares of the oil and gas company’s stock worth $2,372,000 after purchasing an additional 343,214 shares during the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.

In related news, Director James M. Funk purchased 50,000 shares of the business’s stock in a transaction dated Friday, July 26th. The stock was acquired at an average price of $0.83 per share, for a total transaction of $41,500.00. Following the completion of the purchase, the director now directly owns 82,179 shares of the company’s stock, valued at $68,208.57. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 4.02% of the stock is owned by corporate insiders.

Superior Energy Services stock opened at $0.33 on Friday. Superior Energy Services, Inc. has a 12 month low of $0.33 and a 12 month high of $11.14. The company has a debt-to-equity ratio of 7.56, a current ratio of 2.48 and a quick ratio of 2.07. The business has a 50 day simple moving average of $0.67 and a 200-day simple moving average of $2.68. The stock has a market capitalization of $52.42 million, a PE ratio of -0.37 and a beta of 2.29.

Superior Energy Services (NYSE:SPN) last released its quarterly earnings results on Tuesday, July 23rd. The oil and gas company reported ($0.29) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by ($0.06). Superior Energy Services had a negative return on equity of 33.30% and a negative net margin of 44.19%. The company had revenue of $436.32 million for the quarter, compared to analysts’ expectations of $466.52 million. During the same quarter last year, the company earned ($0.16) EPS. As a group, equities research analysts anticipate that Superior Energy Services, Inc. will post -0.97 EPS for the current year.

Several equities research analysts recently weighed in on SPN shares. Susquehanna Bancshares cut Superior Energy Services from a “positive” rating to a “neutral” rating and decreased their target price for the stock from $7.00 to $1.50 in a research note on Wednesday, July 10th. Barclays cut Superior Energy Services from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $5.00 to $2.00 in a research note on Monday, May 20th. Scotiabank set a $2.00 price objective on Superior Energy Services and gave the company a “hold” rating in a research note on Monday, August 26th. Morgan Stanley reduced their price objective on Superior Energy Services from $5.00 to $3.00 and set an “underweight” rating for the company in a research note on Friday, July 12th. Finally, Piper Jaffray Companies cut Superior Energy Services from an “overweight” rating to a “neutral” rating and set a $1.00 price objective for the company. in a research note on Friday, July 26th. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $5.36.

Superior Energy Services Company Profile

Superior Energy Services, Inc provides oilfield services and equipment to oil and natural gas exploration and production companies in the United States, the Gulf of Mexico, and internationally. The company operates in four segments: Drilling Products and Services, Onshore Completion and Workover Services, Production Services, and Technical Solutions.

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Institutional Ownership by Quarter for Superior Energy Services (NYSE:SPN)

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